Lost a Relocation Listing Opportunity? You May Never Find Out Why.
One of the great frustrations for relocation agents and their directors is the lack of feedback given regarding listing presentations and BMAs from relocation management companies and transferees.
As we know, dealing with local clients versus working with transferring families can be quite different. No matter how successful a listing agent is, when they are recommended by their employer and the RMC handling their move, the transferee may become inherently suspicious about the agent since they did not choose the agent. So the assigned agent has to work extra hard to build credibility and prove their expertise.
Having a solid playbook for your listing team gives them a reference point and reminds them of the things they need to focus on besides just the projected list and sales price and marketing plan. If I have learned one thing in all my years, don’t assume the agents are doing the things you think they should be doing while working with relocation clients. Have what seems to be obvious discussions with them about your expectations.
Agents have to read the room.
Sadly, some people can make decisions about the agent to win their listing for reasons that don’t make sense. Particularly if it is close. The transferee likes both agents and they have solid presentations and sound BMAs. But maybe one had really strong perfume or didn’t compliment their home as much as the other. It can be for such minute infractions that you have to remind the agents not to beat themselves up over it. They should continue to be their authentic self, even if it may mean losing a listing.
But with that being said, the more agents can read the room and quickly figure out what resonates with the transferee and any other decision-maker, the better. I’m not saying to come across as fake…just generically appealing. Maybe a quick social media search prior to the appointment may reveal some details about the family that can be used to build rapport. The contents of their home can be a wealth of information to find common interests and make a connection.
Stupid is as stupid does.
I had a client tell me the other day that one of their agents didn’t win a relocation listing because the agent used ‘she/her’ as pronouns on their email signature and the transferee didn’t like that. I have no words. That’s why if you have prepared the agents and they use all of the best tools and know their market, sometimes it just comes down to personal preference, no matter how dumb. In that situation, it was probably a blessing in disguise that they lost it.
Here are the top 10 reasons why you can’t find out why your agent lost a listing:
Transferee doesn’t respond to requests for information.
Transferee never intended to list with your agent but didn’t want to admit it to their consultant.
The transferee gives no meaningful feedback, “I just liked the other one better”.
Transferee doesn’t want to admit their decision was solely based on the price that they wanted to hear and nothing else.
Transferee isn’t honest because they don’t want the agent to feel bad.
Consultants with heavy caseloads are too busy to take the time to find out. (You should still push for the information.)
Consultants don’t what the confrontation with the transferee.
RMC is not motivated to find out because they have a 99.0% success rate that they will capture the listing and referral fee between the two (or 3) brokers who are sent out (that includes requested agents). There may be about a 1% chance the transferee ignored all recommended brokers and their requested/preferred agent and goes rogue.
RMC doesn’t have a structured, simple process to get that information from the transferee.
The corporation may request that no one contact the transferee regarding the reason.
To combat the lack of feedback, brokers need to tighten up their team and create foolproof processes to ensure a high success rate:
Have a tight team. Measure their conversion rates closely. Look at their volume of personal listings to see where they are having success. Your team should be fluid. No one gets a lifetime membership unless they earn it. Maybe it’s time to rethink your listing team and bring in some new blood.
Have them do a listing presentation for you every few years to ensure they are using the most up-to-date tools available. Consider having new agents to the team perform a mock BMA on your own personal home.
Advise them to try to appeal to a mass audience (whether they like it or not). Ensure no discussion about religion, politics, or flashpoint issues.
Ensure you are using experts in that market area and the specific neighborhood.
Have them walk through a representative house with you to see how they would describe it and discuss it with a homeowner during a meeting. Here’s a tour tip: Have the agent ask the homeowner if they may walk through the house alone first to make some notes. Then have them ask if they may have a guided tour by the homeowner. That way the agent has had time to formulate dialogue and questions for when they receive their tour given by the homeowner and can give them their full attention.
Review the processes and communication steps they take to set up the appointment when they get to the house and their follow-up.
If a BMA is involved, ask the consultant for specific BMA feedback to ensure that it wasn’t just pricing or content that was the deal breaker.
Make it clear that the team agents are to bring their A game on every appointment including appropriate dress, professional and timely materials, and market data.
Create an outline of steps and tips that have proven successful with other agents and have them use it as a guideline. Ensure they are well-trained on the new BMA.
Make sure the agent doesn’t confront the homeowner about why they weren’t chosen, that won’t end well for anyone.
The key is to remind your listing agents that you aren’t trying to micro-manage them, you are part of their team and have the experience to know what works. Share successful practices from other agents with the entire team. Your expertise and input should be welcomed by them. If it’s not, then maybe rethink their role on the team.
The ideal scenario would be to receive detailed feedback from our sources of business and transferees for the agent and the director. Even if it is unpleasant, unrealistic, or unkind, we can chalk it up to a learning experience and go from there. But since it is often a mystery, we have to do everything on our end to remove any potential roadblocks and forge ahead. Once we have given our agents the training and the tools, we have to let them do what they do best...make human connections and sell real estate.
"My mama always said, 'Life is like a box of chocolates. You never know what you're gonna get’." ~Forrest Gump
